Fund Evaluator:
DWS California Tax-Free Income Instl (DCLIX)
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Best Performing in Muni California Long Over the Last Year
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| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
DWS California Tax-Free Income Instl Overview
DWS California Tax-Free Income Instl (DCLIX) is an actively managed Municipal Bond Muni California Long fund. DWS launched the fund in 2020.
The investment seeks a high level of current income that is exempt from California state and federal income taxes. The fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities whose income is free from regular federal and California state income tax. Normally, at least 80% of the fund's municipal securities are rated in the four highest credit rating categories.
About DWS California Tax-Free Income Instl (DCLIX)
There are 2 members of the management team with an average tenure of 13.69 years: Chad Farrington (2026), Matthew Caggiano (1999). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal California Exempt TR index with a weighting of 100%. DWS California Tax-Free Income Instl has 193 securities in its portfolio. The top 10 holdings constitute 18.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DWS California Tax-Free Income Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. DWS California Tax-Free Income Instl has 3.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (96.7% domestic bond, 3.3% foreign bond and 0.0% convertible bond). DWS California Tax-Free Income Instl has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $455 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DCLIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DWS California Tax-Free Income Instl expense ratio is average compared to funds in the Muni California Long category. DWS California Tax-Free Income Instl has an expense ratio of 0.56%, which is 32% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DWS California Tax-Free Income Instl has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, DWS California Tax-Free Income Instl returned -2.1%, which earned it a grade of D, as the Muni California Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DWS California Tax-Free Income Instl has a trailing yield of 3.70%, which is above the 3.52% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DWS California Tax-Free Income Instl Grades
Year to date, the fund has returned 1.0%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 6.8% over the past year (grade of B), 3.4% over the past three years (grade of B) and 0.2% per year over the past five years (grade of B) and 1.5% per year over the past 10 years (grade of D).
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DCLIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DCLIX Return (NAV) | -2.1% | -0.1% | 6.8% | 3.4% | 0.2% | 1.5% |
| DCLIX Grade | D | A | B | B | B | D |
| +/- Category | -0.1% | 0.2% | 0.5% | 0.2% | 0.2% | -0.2% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| DCLIX Tax Cost Ratio | na | na | -0.0% | 0.0% | 0.1% | na |
DCLIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DCLIX Return (NAV) | 1.0% | 3.5% | 2.4% | 6.5% | -11.1% | 2.4% | 3.2% | 7.4% | 0.1% | 5.2% | -0.6% |
| DCLIX Grade | A | A | C | C | C | C | F | D | D | F | F |
| +/- Category | 0.4% | 0.6% | -0.1% | 0.1% | 0.1% | -0.1% | -1.1% | -0.7% | -0.6% | -1.0% | -0.7% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 0.99 - Above Average |
| Category Risk Grade: | D (61% Rank) |
| Beta: | 1.10 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $311 Mil |
| Fund Total Assets: | $ 32 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 58% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 27.4 years | |||
| Average Tenure: 13.7 years | |||
| Managers (Year): Caggiano Matthew (1999), Farrington Chad (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 193 |
| % in Top 10 Holdings: | 18.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.7% |
| Foreign Bond: | 3.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | DWS |
| Phone Number: | 800-728-3337 |
| Website: | www.dws-investments.com |
| Status: | Open |
| Inception Date: | December 1, 2020 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.56% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | DWS California Tax-Free Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
